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USDA's January WASDE raised US soybean production by 10 million bushels to 4.44 billion and lifted the 2021/22 season-average soybean price forecast by 50 cents to $12.60 per bushel. US corn production was raised 53 million bushels, while wheat closed lower on the day.
A higher soybean price forecast reflects tighter global stocks from South American shortfalls, which supports soybean and meal values for feed buyers.
michiganfarmnews.comFarm News MediaJan 12, 2022After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
